Greetings, SGX-Nifty traders! We here at SGX-Nifty.org know you’re hungry for success in the market. You’ve mastered the terms, read the news, and even got the technical indicators right. But there’s one crucial key to consistent profits often overlooked: the language of the market itself.
Forget fortune cookies. The real story lies not in predictions, but in the dynamic dance of price action – the raw ebb and flow of buyers and sellers etched on your charts. This, my friends, is where the true masters reside, and their wisdom whispers through the pages of price action trading books.
Expert’s Note
Think of these books as Rosetta Stones for the market’s secret language. They equip you to see beyond the green and red bars, to understand the psychological tug-of-war behind every price movement. You’ll learn to decipher candlestick formations, identify support and resistance zones, and anticipate trend reversals like a seasoned warrior reading war paint.
But why are these books so vital?
- Sharpen your decision-making: Ditch the guesswork and rely on hard-won knowledge. Price action analysis gives you a framework to make informed entries and exits, reducing impulsive trades fueled by fear or greed.
- Gain an edge over the herd: While most drown in the sea of indicators, you’ll be swimming freely, spotting opportunities invisible to the indicator-dependent masses.
- Develop trading discipline: Price action teaches you patience, risk management, and the beauty of letting the market tell its own story. No more chasing rainbows or panicking at dips.
- Adapt to any market: Forget rigid systems. Price action is the universal language, applicable across assets and timeframes, giving you the flexibility to navigate any market storm.
So, ditch the quick fixes and click-bait headlines. Invest in yourself, invest in knowledge. Immerse in the world of price action trading books and unlock the secrets the market whispers on every chart. Remember, true trading mastery lies not in algorithms, but in understanding the dance of supply and demand – a dance you can learn to waltz with, one price bar at a time.
Ready to join the ranks of the market’s elite? Let’s explore the library together! In our post, we’ll provide you some of the best price action trading books to guide you on your journey to market mastery.
Stay tuned, SGX-Nifty traders! The market secrets are just one read away..
Best Price Action Trading Books
1. Price Action Trading Technical Analysis
Price action trading is a trading strategy where traders rely all of their trading decisions only on price and volume.
The creator of Chartmojo, Sunil Gurjar, provides advice in this book on how to trade stocks and better timing entry and exit using market movement, all without heavily depending on technical indicators. The book is best suited for those who want to master Technical Analysis, especially Price Action, as it is written in an easy-to-understand and straightforward style. The book applies to positional, swing, and intraday trading.
A trader or investor who reads this book will learn the fundamentals of price action technical analysis, enabling him to select profitable companies to trade or invest in.
With the aid of several case studies and charts, the book will teach you how to employ a variety of technical analysis tools, such as moving averages, candlestick patterns, chart patterns, support and resistance, etc., in price action trading.
Other risk management strategies covered in the book include position sizing, setting initial and trailing stop losses, keeping a trading journal, etc.
This book provides explanations for candlesticks such as Maribozu, Hammer, Hanging Man, Inverted Hammer, Shooting Star, Doji, Engulfing Pattern, Harami Pattern, Piercing Line, Dark Cloud Cover, Morning Star, Evening Star, Three White Soldiers, Three Black Crows, etc.
The Advanced Candlestick Analysis Methods are also explained in the book.
This book explains a variety of chart patterns, including Rectangle Pattern, Cup and Handle, Channel Pattern, Wedge Pattern, Ascending Triangle, Descending Triangle, Asymmetrical Triangle, Double Top, Double Bottom, Rounding Top, Rounding Bottom, and Head and Shoulder.
Additionally, 49 case studies that provide a practical and understandable explanation of each idea are covered in the book.
2. Trading Price Action Series by Al Brooks
The Dow Theory gave rise to price action trading, and traders were discussing different price action trading strategies long before Al Brooks wrote his books. Al Brooks did not originate price action trading, but he did provide traders with a point of reference.
He established concepts like “second entry,” “trend bar,” “barb wire,” and “M2B/M2S” in his “Trading Price Action” series.
Al Brooks has greatly contributed value by merging these price action concepts—which are undoubtedly not new and have been around for a while—into an extensive system of trading terms and analysis. These three books are essentially condensed into the Wikipedia article on price action trading.
“Technical Analysis of Price Charts Bar by Bar for the Serious Trader” is the subtitle for his publications. I completely agree. You have to be an actual trader. If nothing else, you ought to be serious enough to read thick books with prose that shifts between “detailed” and “convoluted.” You will, however, undoubtedly find value here if you are serious about mastering price action trading.
If you would want to begin with more easy reads, take a look at our other suggestions below.
3. Price Action Trading Secrets: Trading Strategies, Tools, and Techniques to Help You Become a Consistently Profitable Trader
Learn effective trading methods, resources, and ideas to help you turn a profit as a trader. Without depending on indicators, news, or signal services, price action trading is a way to understand the “secret language” of the markets and use it to better time your entries and exits.
You may learn the trading methods, resources, and strategies to outperform the markets in Price Action Trading Secrets. Here’s a sample of what you will discover:
- How to trade profitably all the time without using trading indicators, fundamental news, or signal services
- The eleven unspoken natural rules of trading that account for 95% of traders’ regular losses
- The four categories of market structure that all traders need to be aware of. Once you’ve found it, you’ll be fully aware of the “tricks” the market employs and how to take advantage of them.
- How to spot the impending break in support and resistance to avoid getting caught off guard and increase your earnings while minimizing your losses
- The trade secret that no one ever teaches you about interpreting candlestick patterns so you can more accurately schedule your inputs and exits and even “predict” market turning points
- MAEE Formula: An easy trading method that works in both bull and down markets without the need for indicators
- A crucial indicator that the market provides just before a significant shift (95% of traders are unaware of this)
- To help you grasp trading methods and principles and fast become an expert price action trader, we’ve included more than 70 charts and examples.
- Plus a lot more.
It is Really an Easy Read!
You don’t need to be an expert in price action trading to understand this book because it is written in an easy-to-read, step-by-step format. You will become an expert in the fundamentals before advancing to more complex price action trading methods and strategies, so you will always understand everything.
The finest aspect? Price action trading is applicable in a variety of markets. Therefore, you can use price action trading to enhance your trading performance whether you’re a forex, day, stock, or cryptocurrency trader.
4. Forex Price Action Scalping by Bob Volman
Bob Volman specializes in a certain kind of price action trading that isn’t for everyone. Using the 70-tick time frame, he scalps tiny profits from the foreign exchange market.
The writing is authentic in style. Furthermore, this price action trading book is much more legible than Al Brooks’ price action series. Furthermore, he doesn’t try to upsell you on a $999 proprietary indicator or an online trading subscription. That is, in my opinion, a major plus for any trading book.
Bob Volman outlines seven distinct trading setups, while Al Brooks describes an analysis system that places less emphasis on precise trade setups. Therefore, Bob Volman’s book is what you should read if you’re looking for exact trading setups for scalping.
Additional Read:
A new book on studying 5-minute time frame price activity was published by Bob Volman.You can also go for it. Book is named as “Practical Analysis of the 5-Minute Time Frame for Understanding Price Action”
5. Understanding Price Action: Practical Analysis of the 5-Minute Time Frame
For those who want to learn more about what is known as “trading from the naked chart,” both novice and experienced traders should read Understanding Price Action. With hundreds of examples discussed in great detail, Vol Man persuasively demonstrates that the majority of market fluctuations are caused by a small number of price action principles, and that applying these fundamentals to one’s advantage in trading requires common sense rather than skill.
The extraordinary transparency with which the concepts and trading strategies are presented is what gives the book its power. Not only does it provide the reader with an extensive analysis of price movement mechanics, but it also has six consecutive months’ worth of EUR/USD 5-minute sessions. This part alone has a vast library of intraday analysis not seen in any other trading guide, with approximately 400 fully annotated charts.
Understanding Price Action is written with a keen eye for useful detail and a highly readable style that exudes quality on every page. It is certain to become a classic in every trader’s collection who takes his education seriously.
6. Japanese Candlestick Charting Techniques by Steve Nison
The candlestick chart is now a standard feature of all charting platforms and the preferred chart format for the majority of traders, thanks to Steve Nison’s introduction of Japanese Candlesticks to Western traders. Life is much brighter and never the same for many dealers.
Traditional bar patterns (such as those described in Pring on Price Patterns) gain a considerable lot of complexity and variation from the use of candlestick charts. Among price action traders, poetic names like Engulfing, Hammer, and Shooting Stars are now typical. Combining candlestick patterns with pivot points and chart patterns is a common approach in candlestick trading.
Candlestick pattern information is readily available for free online, although it is scarcely comprehensive and is haphazardly arranged. Place your faith in Steve Nison’s book for a dependable and systematic approach to learning candlestick charting.
7. Integrated Pitchfork Analysis: Basic to Intermediate by Mircea Dologa
One important tool for price action trading is trend line analysis. Nonetheless, trend lines often take up little more than one chapter in a book on price action trading. The only trend-line trading strategy that has entire books written about it is Andrew’s Pitchfork.
Although Andrew drew his trend lines in a distinctive fashion, price action traders can readily modify his trading strategies to fit more conventional trend lines and price channels.
While there are several works on pitchfork analysis, Dr. Mircea Dologa’s book is particularly noteworthy. It is well-written, has a wide perspective, and is appropriate for readers who are unfamiliar with the Pitchfork. Not to be overlooked were the glowing testimonials from renowned technical analysts such as Dr. Hank Pruden and Chuck Lebeau.
8. The Ultimate Trading Guide
It is not unexpected that this book, written by three authors, John Hill, George Pruitt, and Lundy Hill, is an ultimate guide. The goal of this book is to create price action-driven automated trading systems.
A discretionary price action trader may not be interested in the concluding chapters on mechanical systems, but the most of the book is devoted on price action behaviors such as action/reaction, continuation, reversals, and support/resistance zones.
Among the subjects are:
- Applications of Elliot Wave Theory in Practice
- particular trading chances for bar patterns
- Trading through channels
- Patterns of Swing Trading
Even though this price action trading book’s contents are disjointed and far from “ultimate,” there are a lot of hidden treasures in there. All things considered, it performs a great job of extracting outstanding trading setups from price activity. This is a good place to explore for fresh trading ideas for experienced traders.
9. A Complete Guide to Volume Price Analysis by Anna Coulling
Since a lot of price action traders employ volume in their research, I thought it would be appropriate to include this book. Notably, Al Brooks’ trading strategies do not incorporate volume. For traders who enjoy using volume in their trading, this book is a perfect addition to the Trading Price Action series.
This book provides all the information you require to understand volume analysis clearly and comprehensively. Volume analysis is explained simply and effectively by Anna Coulling.
Even though volume is a crucial component of Dow Theory, most traders struggle to fully comprehend how volume affects their trading. The majority of volume trading strategies are complex and challenging to use.
Anna Coulling has done a great job of keeping things straightforward and useful in her book. For traders searching for their first volume analysis book, this is a great deal.
10. Encyclopedia of Chart Patterns by Thomas Bulkowski
Ever questioned the validity of chart patterns?
There is far more information in Thomas Bulkowski’s encyclopedia than that. It provides: Using reliable market data and statistics
Overview of the book is,
- Guidelines for identifying chart patterns
- Rates of success and failure in bull and bear markets
- Ideal corresponding loudness patterns
- Trading strategies (including pullouts)
- Qualities of unsuccessful patterns
This book contains more than enough data and statistics to help you develop your own trading strategies and have confidence in the patterns you are observing, even though it does not provide a precise trading plan.
When it comes to statistical analysis of price chart patterns, this work is unmatched.
Closing the Book on Profits: A Final Word
Friends, remember, price action trading isn’t a quick fix, it’s a lifelong pursuit. These books are your compass, not your autopilot. Read them thoroughly, apply their wisdom to your charts, and see the market profits before your eyes. But always remember, markets have lot of volitality and have financial risks. Always consider taking professional advice before investing and certain benchmarks that should be followed if you are entering into the market.
Furthermore, if you are new in this segment you must understand basics of financial portfolio. Checkout our below mentioned blog explaining Financial Portfolio and need to diversify it!